Blue Chips Hit 17-Month High

Stocks climbed to a 17-month high, led by the energy sector after Schlumberger said the industry is ripe for a turnaround. Strong earnings from American Express also provided a boost, along with a jump in new-home sales, which lifted Home Depot.

The Dow Jones Industrial Average rose 69.99 points, or 0.6%, to 11204.28, its highest close since Sept. 19, 2008. For the week, it climbed 1.7%, the measure's biggest weekly gain since the...